Home Loans For People With Very Bad Credit – Improve Your Chances Of Getting Approved
If you have bad credit and are looking for a home loan, there are a few things you can do to improve your chances of getting approved and to help you get a reasonable interest rate.
Apply Online – The internet has a few companies that will take your application and submit it to hundreds of different lenders. You will receive up to the 4 best offers that you could qualify for. These offers are pre-approvals. You will still need to work with the broker to lock in an interest rate. Also, the benefit of using these companies is that they will not pull your credit initially. This is good because every time your credit is pulled, your credit score drops just a little. The mortgage company will just ask you to describe your credit, instead of pulling it.
Look Into Down Payment Assistance Programs – There are programs like Neighborhood Gold and Nehemiah that will help you get a down payment for your loan. Find out what their requirements are and if you could qualify. However, make sure the lender will work with them before you plan on it. Some lenders will not...
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